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“Cryptocurrency is an asset class.” This is what American Express Chief Executive Officer Steve Squeri recently said.
During the 2021 Q4 earnings call earlier in the week, he added that right now, his firm does not see crypto as an immediate or medium-term threat to its business. Squeri said:
“As far as cryptocurrency goes, we watch cryptocurrencies … We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].”
“At this particular point in time, we view cryptocurrency more as an asset class,” the CEO added.
When discussing the use of cryptocurrencies in daily payments and transactions, the American Express executive noted that it would be “a hard thing to utilize that way” and added that they are “probably not going to offer a crypto card.”
Nevertheless, blockchain technology has caught the company’s attention, with the CEO noting:
“And as far as blockchain, we’ve got investments in blockchain companies … We constantly look at blockchain and figure out ‘are there use cases for us?’”
Squeri also commented on non-fungible tokens (NFTs) and stablecoins:
“As far as stablecoins and NFTs and things like that, we’re partnering with, obviously, the NBA and Top Shot. And we’ll look at ways to get involved.”
He then concluded:
“We keep our eye on cryptocurrency in case it becomes more stable. But right now, I don’t see it as [an] immediate or medium-term threat to our business.”